Benzinga | Jul 6, 2021 03:41PM EDT

Mortgage Software Platform Blend Targets $4B Valuation In US IPO: Reuters

* Digital banking platform Blend Labs Inc (NYSE:BLND) is seeking a valuation of nearly $4 billion in its confidential U.S. initial public offering (IPO) filing, Reuters reports.

* Blend will list on the NYSE under the symbol "BLND."

* It aims to capitalize on the demand boom for online financial services. Blend's cloud-based software platform digitizes banking.

* However, recovery in the interest rates from the ease of the pandemic could hurt Blend's mortgage insurance business.

* Blend plans to sell 20 million shares between $16 - $18 per share to raise $360 million.

* Blend was last valued at $3.3 billion after a Jan. funding round.

* On average, it processes over $5 billion in transactions every day. It had 291 customers, including Wells Fargo & Co (NYSE:WFC) and Lennar Mortgage, as of 2020.

* Blend was co-founded in 2012 by Nima Ghamsari, its current head, and a former Palantir Technologies Inc (NYSE:PLTR) employee. Ghamsari will have 68% of the voting power after the offering.